One Bill or More? Your Choice.
 
Is it possible to have one monthly payment for all of your credit cards? Of course it is – because credit cards are easily lumped into a debt consolidation loan. This means that you will have one payment each month instead of several, giving yourself less stress and heartache at the end of the day.
 
A debt consolidation is simply taking the existing unsecured debt that you have – like credit cards and medical bills – and figuring out how much you owe to all of them. Once you have this figure you get what is called a debt consolidation, and you pay off all of your other debt. Now you have one payment and it is lower than all of the others combined.
 
There are two reasons for this – one is that you now have a lower interest rate on the debt consolidation than you had on your credit cards, and two because it is a fixed amount of time that you have to pay it back it is usually a longer period of time than the credit cards gave you. But you are also losing late fees, over credit limit fees, etc. because you don’t pay those on a debt consolidation.
 
With the average number of credit cards per household these days topping out at eight, it might behoove you to look into a debt consolidation. You can continue to pay several bills a month and not know exactly how much you are going to have to come up with, or you can pay one bill each month and know exactly how much you have to pay out.

 

 

 

 

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